Problem 10-68B Issuing Common and Preferred Stock Mallard Furniture recently became an incorporated furniture manufacturer after years of being run as a successful family business. Mallard's charter authorizes the firm to issue 10,000 shares of 8%,$25 par preferred stock and 50,000 shares of $2 par common stock. During the year, the company engaged in the following transactions: a. Issued 25,000 common shares to Mallard's founding family in exchange for $140,000 cash. b. Sold 5,000 common shares to a potential customer for $13 per share. c. Issued 2,000 shares of preferred stock to a venture capital firm for $45 per share. d. Gave 50 shares of common stock to Kelsey Kennedy, a local attorney, in exchange for Kelsey's help on a legal matter. Kelsey usually charges $1,500 for comparable work and this amount should be classified as a legal expense. Required: Prepare a journal entry for each of these transactions